Prices of food items skyrocketed in various markets in Lagos State as Muslims embarked on Eid-el-Fitr celebrations. Notably, the prices of tomatoes, onions, garri, rice, beans, and other staple food items witnessed a significant increase in price during the week.
This is according to the latest market survey, carried out by Nairalytics Research – the research arm of Nairametrics.
According to the report, a big bag of dry onions now sells for an average of N17,500 against an initial average of N12,500. The price of a big bag of white cassava flake (garri) went up by 57% from an initial average of N11,625 to sell for an average of N18,250.
The increase in price was attributed to the Ramadan festivities, as well as complaints of scarcity of food items due to insecurity in the farms where these items are grown.
This report contains information on items that witnessed price increase, price decrease, as well as information on special markets and market insights.
Items that witnessed price increase
- A big basket of round-shaped tomatoes currently sells for as low as N15,000. This represents an 87.5% increase compared to N8,000 recorded two weeks ago.
- Also, the price of a medium-sized basket of round-shaped tomatoes increased by 55.6% to sell for an average of N7,000 from an initial average of N4,500.
- A 50kg bag of Mama Gold rice that was initially sold for an average of N22,500 now sells for an average of N22,875 indicating a price increase of 1.7%.
- Caprice (50kg) also recorded an increase of 3.1% to sell for an average of N25,250, compared to an initial average of N24,500.
- The price of a big bag of yellow maize recorded an increase of 9.9% to sell for an average of N25,000 while the same size of white maize increased by 5.3% to sell for an average of N24,625.
- The price of a big bag of dry onions also spiked by 40% from N12,500 recorded last month to N17,500.
- A 500g Milo tin of Cocoa beverages now sells for an average of N1,575 representing a 6.8% increase compared to N1,475 recorded in April 2021.
- Also, 1kg size of Milo tin sells for an average of N2,588, a 5.1% increase compared to an average of N2,463 recorded last month. While a 500g refill of Milo cocoa beverage spiked by 14% to sell for an average of N1,225.
- Bournvita refill also increased by 10.8% to sell for an average of N1,413 compared to N1,275 recorded two weeks ago.
- The price of a 50kg bag of brown beans increased by 5.8% from an average of N34,750 recorded in April to sell for an average of N36,750.
- A 25 litres gallon of palm oil that sold for an average of N13,000 two weeks ago, now sells for an average of N13,500. This represents a 3.8% increase in price.
- A carton of full chicken currently sells for an average of N14,750 as against an initial average of N14,125.
- A big bag of bush mango seed (ogbono) now sells for an average of N125,000, a 4.2% increase compared to an initial average of N120,000.
Items that witnessed price decrease
Some of the food items that recorded a reduction in price within the period under review include, crayfish, melon, pepper, and flour.
- The price of a bunch of plantain reduced by 6.8% to sell for an average of N513 compared to an initial average of N550.
- A 50kg bag of Dangote flour now sells for an average of N13,500, a marginal decline of 1.8% compared to N13,750 initially recorded.
- Also, Honeywell flour recorded a 2.5% decline to sell for an average of N13,600 while Mama Gold sells for an average of N13,775.
- The price of a big bag of pepper dipped by 25% to sell for an average of N12,750 as against an initial average of N17,000 recorded in April 2021.
- Also, a medium bag of pepper sells for an average of N7,000, representing a reduction in price by 6.7% compared to an initial average of N7,500.
- The price of a big bag of melon reduced by 3.5% to sell for an average of N41,500. It was sold for an initial average of N43,500.
- A nylon of crayfish sells for an average of N13,250. The price reduced by 20.9% from an initial average of N16,750.
Items that maintained initial prices
- A 12.5kg refill of household cooking gas continues to sell for an average of N4,700 while 5kg stands at N1,900.
- A big basket of sweet potatoes sells for an average of N5,500, a small basket sells for an average of N700, while the smallest basket is sold for an average of N325.
Also, a big basket of Irish potatoes sells for an average of N20,000, the same as recorded two weeks ago.
- The prices of juice drink, bread, tea, have remained unchanged.
- A 50kg bag of white beans still sells for an average of N50,000, which is the same as recorded two weeks ago.
- The various noodle brands also maintain their initial prices, compared to two weeks ago.
Nairametrics Research found the onion section of the Mile-12 market to be scanty with only a few items on display. While addressing this, Mr Lastborn as he chose to be called said there has been a relative scarcity of onions in the market, due to the Eid-el-Fitr celebrations.
- “We do not have new arrival of items in the market, which has caused a slight increase in the price, and is expected to record further increase in the coming days,” he said.
- He, however, stated that the price could go up further in the coming days as more demand could cause a surge, due to the lack of supply to the market.
- According to him, the biggest size of dry onions is currently selling for an average of N19,000, medium size between N15,000 and N17,000 while half-bag usually called “solo” sells for an average of N9,000. Currently, there are no new onions in the market.
- The price of foreign and local rice increased slightly during the period under review as Mr Chika a rice dealer at Daleko market attributes it to changes caused by the festive period.
- He said, “During festivities, in Nigeria traders and manufacturers tend to jack up prices so as to make maximum profits during this period, foreign rice that was sold for an average of N24,500 is no selling for N25,500, while local rice has increased to around N22,000.”
The recent price increase has been attributed to fluctuations associated with the Ramadan festivity and the security challenges ravaging most parts of the country.
- While speaking to Mr KC, one of the traders at Mile 12, he stated that the reason for the increase in the price of food items in Nigeria is majorly due to security challenges across the country, especially in the northern part.
- KC said, “food prices have been going up significantly since last year during #EndSARS protest, and lately there has been news of banditry, kidnapping and killings in the north, which has discouraged the farmers from visiting their farmland as much as they normally would.”
- He further stated that, although the Ramadan festivity has also contributed to the recent price increase, insecurity seems to be the capital factor, causing the incessant inflation in the prices of food items in Nigeria.
- Also, while chatting with Mrs Oladayo at Daleko market, she posited that it is normal for food prices to go up during the Ramadan celebration as there is an expectation for increased demand. However, this has not been the case as the prices have gone up, but sales have not increased as expected or compared to two years ago.
- She further stated that the low turnout could be due to the price increase, as food prices have hit their highest in recent times, which could have discouraged buyers from patronizing as much. She, however, outlined other factors contributing to the increase in the price of food items in Nigeria, some of which include insecurity, ease of doing business, transportation problems, and corruption.
About Nairametrics Food Price Survey
Nairametrics Food Price Watch is a bi-monthly Household Market Survey that covers the prices of major food items in Nigeria, with emphasis on five major markets in Lagos – Mushin market, Daleko market, Oyingbo market, Idi-Oro market, and Mile 12 market.